You are here

Forland Shipping reaches temporary deal with Emas AMC on Congo project

FORLAND Shipping AS said it has reached a temporary agreement with Emas AMC for the deployment of offshore support vessel Lewek Inspector to complete an ongoing project off Congo.

The project is expected to be completed in January 2017.

Forland owns Lewek Inspector, which was on bareboat charter to Emas AMC, the subsea subsidiary of Ezra Holdings that was renamed Emas Chiyoda subsea after the parent group divested part of its stake to two Japanese companies, Chiyoda and NYK Line.

The owner of Lewek Inspector did not indicate in its latest release if Emas AMC has settled the outstanding charter payment on the vessel for October 2016, which was due on Nov 30.

In its Dec 16 release, Forland said it was informed by Emas AMC at a meeting held on Dec 15 that it was unable to settle the outstanding charter hire for the time being due to financial distress.

Emas AMC's charterparty obligations for Lewek Inspector are guaranteed by Ezra.

Market voices on: